Tampa City Center Sold for $128M

Cushman & Wakefield announced this week that it had arranged to sale of Tampa City Center for $128,125,000 in what brokers call the largest transaction in the area in recent memory. The building was sold by One Tampa City Center LLC, a joint venture between Carval Investors of Minneapolis and Mainstreet Capital Partners of Fort Lauderdale, and purchased by Alliance Partners of Bryn Mawr, Pennsylvania, the East Coast operating arm of Hawaii-based Shidler Group. The transaction was managed by Cushman & Wakefield Executive Director Mike Davis, Director Rick Brugge, Executive Director David Meline, and Senior Director Michael Lerner.

"City Center is one of Tampa's most prestigious office properties, and it delivers unparalleled comfort, convenience and service in the heart of downtown Tampa," said Mike Davis, Cushman & Wakefield Executive Director, Capital Markets. "This transaction is further proof that Tampa Bay's commercial real estate market has returned to health."

Located at 201 N. Franklin Street, the 38-story office tower containing 749,035 square feet of Class A office space was 88% leased at the time of sale with major tenants including Merrill Lynch, University Club, Bank of Tampa, Florida Bank, Ernst & Young, PNC Bank, Verizon, and Northwest Mutual Insurance Company. The tower was built in 1981, and was the city's tallest building until 1986; in 2013 it won an EARTH Award from the Building Owners and Managers Association (BOMA).

For more news and information visit Blumberg Capital Partners.

LakePointe Office Park Sold for $75M

Archon Group, an affiliate of Goldman Sachs, has finalized the purchase of LakePointe Office Park in Charlotte, North Carolina, for $75 million, or $110 per square foot. The seller, TIAA-CREF, was represented in the sale by Ryan Clutter, Patrick Gildea and Will Yowell of CBRE Group Inc. Jones Lang LaSalle also announced this week that it has been named leasing agent for the seven office buildings in LakePointe Office Park. Mainstreet Capital Partners will manage the LakePointe portfolio, which totals 675,398 square feet.

"Mainstreet Capital Partners is excited to work toward re-establishing LakePointe as the preferred office park in Charlotte," said Peter Tonon, a partner with Mainstreet. "The market fundamentals seem to be improving, and with some enhancements we would like to implement to an already beautiful development, we anticipate this being a great opportunity."

LakePointe Office Park, planned and developed by Childress Klein Properties, officially opened in 1988 with the completion of Belk Stores Services Corporate headquarters. LakePointe was reportedly 87% leased at the time of sale, with major tenants including The Vanguard Group, MIDREX Enterprises Inc., SunTrust Banks Inc., T-Mobile, Titan Technology Partners, the Transportation Safety Administration and the U.S. Postal Service. The LakePointe Office Park project marked the first step in Childress Klein's development in the immediate area that consists of 2.2 million square-feet of office space situated within 175 acres of forests, hills and lakes.

For more news and information visit Blumberg Capital Partners.